How Southfield Bankruptcy Lawyers
Can Stop or Delay Foreclosure –
Getting behind on your house payments is not something that anyone ever plans to do! But everybody experiences a change in circumstances that is beyond their control sometime. Whether an unexpected illness, a job loss or other unforeseen event means you are no longer able pay make your house payment – our Southfield Bankruptcy lawyers can help.
Southfield Bankruptcy Lawyers Can
Stop Foreclosure with Chapter 13
Chapter 13 Bankruptcy allows people with a source of income to keep their home and save it from foreclosure permanently.
When your bankruptcy lawyer files Chapter 13, the foreclosure proceedings stop! And the Court gives you the opportunity to “get caught up” on your past due delinquent mortgage payments over time.
An experienced bankruptcy lawyer can also take enforce other aspects of Chapter 13 Law to reduce your home mortgage debt. For example, with Chapter 13 you may be able to “strip off” home equity lines of credit, second mortgages and/or third mortgages in some situations.
As soon as your bankruptcy files Chapter 13 an “automatic stay” is created. This means that your mortgage company is legally STOPPED from selling your house or from pursuing any other collection actions against you. And this “stay” will be in effect as long as you continue to make your new (usually lower) mortgage payments on time under your re-payment plan.
Southfield Bankruptcy Lawyers
Can Delay Foreclosure with Chapter 7
Filing Chapter 7 Bankruptcy alone will not stop foreclosure permanently – but it can delay it for quite some time. In most cases Chapter 7 can DELAY foreclosure proceedings for two to four months. This can give you a few months of extra time to find a new place to live.
Additionally, having your bankruptcy lawyer file Chapter 7 CAN get rid of other debts: e.g. credit cards, medical bills, judgments, etc. And this may result in leaving you enough money every month to start making your house payment on time again!
Plus, filing Chapter 7 bankruptcy CAN often eliminate a second or third mortgage, if you have them. This means that second and/or third mortgage lenders can NOT sue you for money and can NOT foreclose. on your home.
If you or a loved one is behind in your mortgage payments – or facing a foreclosure – call our experienced bankruptcy lawyers today for a free consultation.
There are many things that an experienced bankruptcy lawyer can do to help you protect your property and save your home. We have helped thousands of good people in the Southfield area – keep their home.
CLICK HERE for a FREE Bankruptcy Consultation.
Or call: 248-357-3000
Our Southfield Bankruptcy lawyers can stop or delay foreclosure!